he who has the money plays the tune ...

Talk about PNA being squeezed imo by GSJBW.

For GSJBW rolling over the US$80 million, not only is there an interest rate 12% increasing to 15% after July 31, 2009, but GSJBW are issued with 75 million free options (4.8% of PNA) with a strike price of 10.5c and there will be a further issue of 75 million free options if the loan is outstanding after July 31, 2009.

If commodities recover, as I expect they will, GSJBW stands to make an absolute fortune for rolling over US$80 million.

He who has the money plays the tune...